Electra Battery Materials has signed a $17.5 million CAD contract with Invest Ontario, adding to an estimated total investment of $100 million USD to complete its cobalt refinery in Temiskaming Shores.
Financial support for the cobalt refinery
The plant will have the capacity to produce up to 6,500 tons of cobalt sulfate per year. The plant will be the first of its kind on the continent, and its construction is part of a larger strategy that includes nickel refining and battery recycling. battery recycling.
[post_relacionado]The Ontario funding is in addition to funding from the U.S. Department of Defense, which had committed US$20 million, and ongoing discussions with the Government of Canada.
The company is seeking to complete a government support package that could reach $64 million Canadian dollars. As part of the viability plan, Electra is undertaking a restructuring aimed at reducing 60% of its convertible debt and raising US$30 million in additional equity.
In addition to generating more than 50 new jobs in Ontario, the refinery will be the basis for a future battery recycling plant at the same complex. By 2023, Electra had demonstrated its ability to recover minerals such as lithium, nickel and cobalt through a pilot plant.
Source and photo: Electra Battery Materials